Olin price target lowered to $20 from $28 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Olin (OLN) to $20 from $28 and keeps an Underweight rating on the shares. Commentary indicates that though domestic demand remained at average levels in April, a reduction of polyethylene exports drove increased market length, notes the analyst, who adds that expectations for lower prices are likely a product of a reported market imbalance in export markets due to buyers in China, Europe and Latin America limiting orders.